JPMorgan: US Internet Guidebook – March 2026
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JPMorgan released its March 2026 United States Internet Guidebook, providing comprehensive coverage of 30 companies across mega-cap, subscription, online advertising, mobility, travel, and e-commerce sectors. The firm identifies five top picks: Alphabet, Amazon, Spotify, DoorDash, and Netflix. Fourth-quarter earnings demonstrated overall sector stability, though online advertising and e-commerce face intensifying competitive pressures.
JPMorgan maintains Overweight ratings on mega-cap names Amazon, Alphabet, and Meta Platforms, targeting $265, $395, and $825 respectively, driven by sustained cloud and advertising growth. Within subscriptions, Netflix and Spotify remain favored for robust user growth and expanding average revenue per user. Conversely, Snap retains an Underweight rating due to fierce competition, while Reddit and Pinterest stay Neutral.
In mobility and food delivery, Uber, DoorDash, and Instacart maintain Overweight ratings, benefiting from sustained delivery demand. Booking Holdings stands out in the travel sector with an Overweight rating, whereas Airbnb and Expedia remain Neutral. The report highlights artificial intelligence as a transformative force, enhancing search and advertising efficiency while potentially altering subscription models. Key forward-looking themes include AI technology evolution, improved delivery efficiency, and the durability of the travel recovery, balanced against macroeconomic slowdown and regulatory risks.